We’ve read the report, so you don’t have to! Here are the key takeaways, you need to know…
- Sales of used cars were down -12% year-on-year in July based on stock removed from Auto Trader. This movement, although negative, is versus a strong used car market in 2021 and represents a slight improvement on previous months. However, supply remains a major factor.
- Despite the rising cost-of-living pushing consumer confidence to all-time lows, demand for used cars remains resilient versus pre-pandemic levels.
Limited new car supply is impacting total lead volumes but adjusting for the drop in supply indicates the average new car advert in July generated 30% more leads than last year. - July’s used car prices were up by 19.5% on a year-on-year and like-for-like basis, again slowing following a year of record used car values.
- Used car values remain around £1.8k higher than they would have otherwise been in ‘normal’ market conditions.
- Used car prices were up by 0.2% in July versus June, highlighting the underlying stability in the market. This increase is in line with previous years and reflects more normalised seasonal trends.
To download the full report, click here: Auto Trader Market Intelligence Report
